If You Care About Your Savings, Pay Attention to Trump’s Attack on The Fed

At a congressional hearing in July 2019, Representative Maxine Waters asked the Federal Reserve chairman, Jerome Powell, what he would do if the president called and said, “I’m firing you, pack up, it’s time to go.” Mr. Powell said diplomatically, “My answer would be ‘no.’” In private, he was more blunt. “I will never, ever, ever leave this job voluntarily until my term ends under any circumstances,” he said. “None whatsoever. You will not see me getting in the lifeboat.”

We may soon find out the depth of that conviction. “Powell’s termination cannot come fast enough!” President Trump wrote Thursday morning on social media, a day after Mr. Powell said that the Fed may need to postpone cutting interest rates, thanks to Mr. Trump’s tariff policy.